Athens International Airport (AIA) announced its financial results for the first half of 2025 with a strong increase in revenue and passenger traffic, but a decrease in net profits due to higher operating and financial expenses.
Traffic and revenues
Passenger traffic amounted to 15.1 million passengers (+7.6% year-on-year), with international +9.8% and domestic +2.2%. The increase in demand boosted total revenues to 308.2 million euros (+5.0%).
Airline revenues: €230.5 million (+3.2%), with air charges at €166.2 million (+33.3%) and the TEAA reduced by 72.9%, fully offset by an adjustment to the Passenger Service Charge.
Non-airline revenues: €77.7 million (+10.6%), with commercial revenues reaching €50.1 million (+10%), due to new retail concepts and increased consumption by high-end travelers.
Profitability and costs
Operating expenses increased by 15.3% to €118.4 million, mainly due to:
increased salary costs (€29.8 million, +9.7%),
higher third-party fees (€43.8 million, +14.1%),
increased energy costs (+18.4%),
increased variable royalty fees (€24.3 million, +22.7%).
EBITDA amounted to €189.8 million (-0.6%), while adjusted EBITDA was €182.3 million (-0.6%), with a margin of 59.2% (from 62.5% in 2024). Net profit amounted to €92.2 million (-5.1%), as net financial expenses increased to €29.4 million (+20.3%), due to higher interest rates and new borrowing for investments.
Cash flow and balance sheet
Free cash flow was limited to €92.3 million (from €171.8 million), with a conversion ratio of 50.6% (versus 93.6% in 2024), due to the intensification of the investment program.
Net debt increased to €767.2 million (from €623.1 million at the end of 2024), with a net debt to adjusted EBITDA ratio of 1.8x (from 1.5x).
The share capital was increased to 309.5 million euros through the Scrip Dividend Program, which yielded 84.75 million euros (89.2% coverage by 2,346 shareholders).
Investments and projects
Hyper-month investments reached 90 million euros, with the Airport Expansion Program (AEP) at the peak. Construction of the 3,365-space multi-storey car park and the northwest 32-aircraft parking area has already begun.
At the same time, the general study for the expansion of the main and satellite terminals is being completed, a project that will increase the total surface area by 150,000 sq m. (+68%) and double the commercial areas.
Outlook
Management expects passenger traffic growth at a mid-single digit rate for 2025 and net profits of approximately €200 million per year for 2025-2026. However, EBITDA margins will be under short-term pressure (-100 bps) due to the depletion of the carryover amount and extensive investments.
Strategically, the company emphasizes the development of routes to high purchasing power markets, maintaining high dividend yields through capital reinforcement, and adopting green incentives, such as the Sustainable Development Enhancement Program.
In short, AIA is recording strong demand growth, improved revenue per passenger and an aggressive investment plan, but with increased pressures on costs and profitability in the short term.
